Looking Ahead to Tuesday's MarketJuly 16, 2012 @ 4:15 PM EST
Quick Recap of Monday’s Session:
Stocks finished lower on Monday following a relatively quiet session of trading. Major indices started the day falling as the People’s Bank of China did not cut rates, a move anticipated from (and driver of) the big run higher last Friday. Also weighing on sentiment early on was a particularly poor Retail Sales report, and the fact that the German High Court wouldn’t make a ruling on the ESM/Fiscal Pact until September 12, which opens the door for continued uncertainty in the Eurozone. Stocks stabilized early and rallied back through the mid-morning, only to fall again in the early afternoon. The S&P 500 traded a tight 5 point range for the majority of the session. A quick selloff into the close put stocks off of their intraday highs and into the red for the end of the session.
S&P 500 -0.23%, NASDAQ -0.40%, DJIA -0.39%, Midcaps -0.58%.
Looking Ahead to Tuesday:
- Overnight we get CPI and RPI from the UK and ZEW Economic Sentiment from Germany and the Eurozone.
- Here in the U.S. we get a handful of economic data before the bell: ICSC-Goldman Chain Store sales, CPI, Redbook Chain Store sales, TIC Flows, Industrial Production and Capacity
Utilization. Shortly after the open we also get the NAHB Housing Market Index.
- Aside from the handful of economic data here in the U.S., which includes two important pieces in the CPI and Industrial Production releases, Federal Reserve Chairman Ben Bernanke will deliver his semiannual “Monetary Policy Report to Congress” before the Senate Banking Committee at 10:00am EST. Traders will be looking (again, as always) for hints of further monetary easing, particularly QE3. Markets should be a little more active on Tuesday than they were on Monday, so we’ll be keeping our eyes on the data and our ears on Mr. Bernanke shortly after the open.
S&P 500 - Intraday
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